Regardless of the mode of delivery, represent a guide to the
relative teaching time and student effort required to
successfully achieve a particular competency/module. This may
include not only scheduled classes or workplace visits but also
the amount of effort required to undertake, evaluate and
complete all assessment requirements, including any
non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This unit covers the competency to implement tax plans and evaluate tax compliance.

If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACCT603B Implement tax plans and evaluate tax compliance

Element:

1. Assess tax liabilities

Performance Criteria:

1.1 Organisational and operational tax liabilities are identified by analysis of external and internal taxable transactions

1.2 history and trends in obligations arising from organisational transactions are quantified using standard accounting techniques

1.3 data from transactions are analysed to resolve ambiguities and determine the nature of taxation options

1.4 Effects of taxses are analysed and scheduled by assessing methods of determination, tax bases and timing of incidence

Element:

2. Optimise tax positions

Performance Criteria:

2.1 Implications of obligations on operations and structure are assessed to develop a range of treatments and responses

2.2 Financial management strategies are developed to ensure the alignment of cash flow with incidence and schedules of tax payments

2.3 Trends in tax liabilities are analysed and monitored to develop a history of obligations and compliance

Element:

3. Establish processes and plans

Performance Criteria:

3.1 Management plans and record keeping systems are developed to implement financial management strategies and ensyre the maintenance of an audit trail

3.3 Taxation liabilities are derived from income and expenditure estimates using standard accounting techniques

3.4 Budgets are prepared in accordance with estimates and reviewed to ensure ongoing relevance of liability estimates

Element:

4. Evaluate tax policies

Performance Criteria:

4.1 Variances between liabilities and taxation plans are analysed to identify errors in tax strategies

4.2 Performance of tax liabilities in similar or related organisations and operations are monitored and evaluated to measure tax effectiveness and prepare benchmarks and standards

4.3 Data is reviewed for accuracy, completeness and reliability of assumptions in liability projections

Element:

5. Review tax compliance

Performance Criteria:

5.1 The achievement of performance indicators is assessed and reviewed against key result areas

5.2 Taxation preparation processes are monitored and reviewed in line with professional taxation and accounting standards requirements

5.3 Failures in compliance are analysed to diagnose shortcomings and to remedy processes in line with taxation authorities' requirements

Learning Outcomes

Details of Learning Activities

This course gives students the opportunity to learn about assessing tax liabilities, optimising tax positions, establish processes and plans, evaluate tax policies and review tax compliance, as the tasks prescribed are done each week, mainly in class but also as homework. The use of on-line learning resources will be substantial, in particular the Australian Tax Office (ATO) website.

Apart from the prescribed text, the major references for students to access will be the Australian Tax Office
( ATO ) website, as well as tax legislation and general commentary on tax issues.

Other Resources

Relevant learning resources will be placed on the Learning Hub ( DLS ) progressively throughout the semester. Students will need to access this site on a regular basis to obtain exercises set for practice and the weekly handouts. The first half of the unit will be spent doing research ( web based ) in the computer labs, with Test 1 being based on those tasks and your answers forming the basis for the revision for that Test.

Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.

Assessment Tasks

Assessment will consist of: Test 1 Competent / Not Yet Competent

Test 2 Competent / Not Yet Competent

Assignment Competent / Not Yet Competent

Final Test 100 %

Assessment Matrix

Other Information

This course will give students a solid understanding of policies and procedures for the administration of the tax legislation and in particular, the Australian Tax Office oversight of the interpretation ( to some extent ) and clarification of various tax issues, as well as the collection of tax revenues.